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On 30/07/2015, you requested the version in force on 30/07/2015 incorporating all amendments published on or before 30/07/2015. The closest version currently available is that of 01/07/2015.
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Long Title

Part I PRELIMINARY

Part II APPOINTMENT OF ASSISTANTS

Part III LICENSING OF BANKS

Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION

Part V PROHIBITED BUSINESS

Part VI MINIMUM ASSET REQUIREMENTS

Part VII POWERS OF CONTROL OVER BANKS

Part VIIA VOLUNTARY TRANSFER OF BUSINESS

Division 1 — Voluntary transfer of business of bank

Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed

Division 5 — Miscellaneous

Part VIII CREDIT CARD AND CHARGE CARD BUSINESSES

Part IX MISCELLANEOUS

FIRST SCHEDULE Banks

SECOND SCHEDULE Effect of merger

THIRD SCHEDULE Disclosure of information

FOURTH SCHEDULE Specified provisions

FIFTH SCHEDULE Definitions in sections 27, 28, 29 and 38

Legislative History

Comparative Table

Comparative Table

Inspection in Singapore by parent supervisory authority
45.
—(1)  In relation to a bank incorporated outside Singapore or a foreign-owned bank incorporated in Singapore, a parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of any branch or office of that bank in Singapore in accordance with this section if the following conditions are satisfied:
(a)
the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions;
(b)
the parent supervisory authority —
(i)
is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or
(ii)
has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine; and
(c)
the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection (2).
[23/2001; 1/2007]
(2)  The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to —
(a)
the classes of information to which the parent supervisory authority shall or shall not have access in the course of the inspection;
(b)
the conduct of the inspection;
(c)
the use or disclosure of any information obtained in the course of the inspection; and
(d)
such other matters as the Authority may determine.
[23/2001]
(3)  Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection (2), a bank under inspection —
(a)
shall afford the parent supervisory authority access to such books of the branch or office of the bank under inspection, and provide such information (including information relating to the bank’s internal control systems) and facilities as may be required to conduct the inspection; and
(b)
shall not be required to afford the parent supervisory authority access to its books or to provide information or facilities at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the bank.
[23/2001; 1/2007]
(4)  A parent supervisory authority may, with the prior written approval of the Authority —
(a)
in the case of a bank incorporated outside Singapore, request the auditors of its head office or appoint any person; or
(b)
in the case of a foreign-owned bank incorporated in Singapore, request the auditors of its parent bank or appoint any person,
to conduct the inspection under subsection (1) and in such event, this section (other than this subsection) shall apply to the auditors or the person, as the case may be, as if a reference to the parent supervisory authority or any official of the parent supervisory authority in this section includes a reference to the auditors or the person.
[1/2007]
(5)  For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by a parent supervisory authority under this section, section 47(1) shall, with the necessary modifications, apply to any official of the parent supervisory authority as if the official is an officer of a bank.
[23/2001]
(6)  Any bank which refuses or neglects, without reasonable excuse, to afford access to any book or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[23/2001; 1/2007]
(7)  In this section, “parent bank”, in relation to a foreign-owned bank incorporated in Singapore, means a bank incorporated outside Singapore of which the foreign-owned bank is a subsidiary.
[1/2007]
History for Provision '45 Inspection in Singapore by parent supervisory authority'.
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Right Arrow
pr45A-.
15/03/1994
Formal Consolidation
15 March 1994
1994 RevEd
 

10/07/1998
Informal Consolidation
10 July 1998
Amended
Act 27 of 1998
pr45-.
30/12/1999
Formal Consolidation
30 December 1999
1999 RevEd
 

18/07/2001
Informal Consolidation
17 July 2001
Amended
Act 23 of 2001

01/07/2002
Informal Consolidation
03 December 2001
Amended
Act 42 of 2001

31/07/2003
Formal Consolidation
31 July 2003
2003 RevEd
 

31/03/2007
Informal Consolidation
13 February 2007
Amended
Act 1 of 2007

31/03/2008
Formal Consolidation
31 March 2008
2008 RevEd
 

02/01/2011
Informal Consolidation
25 June 2010
Amended
Act 15 of 2010

01/05/2011
Informal Consolidation
29 April 2011
Amended
Act 15 of 2011

02/01/2014
Informal Consolidation
03 December 2012
Amended
Act 26 of 2012